Timeshare developer Diamond Resorts acquires rival for $85 million

Las Vegas-based timeshare developer Diamond Resorts International acquired a small rival for $85 million, giving the company ownership of nine properties primarily in Canada, California, Florida and Mexico.

By Howard Stutz Las Vegas Review-Journal

November 25, 2015 - 12:17 pm

Diamond Resorts International maintains two offices in the Summerlin area, inluding this one on West Charleston Boulevard. (Craig A. Ruark/special to the Las Vegas Business Press)

Las Vegas-based timeshare developer Diamond Resorts International acquired a small rival for $85 million, giving the company ownership of nine properties primarily in Canada, California, Florida and Mexico.

Diamond Resorts said the acquisition of Intrawest Resort Club Group is expected to be completed in the first three months of next year.

“We are acquiring a business with a very strong member base and a set of high quality resorts that will complement our portfolio, and we look forward to building a mutually beneficial relationship with Intrawest beyond this transaction,” Diamond Resorts CEO David Palmer said in a statement.

The purchase follows October’s acquisition of five East Coast properties owned by Gold Key Resorts.

“We are confident that acquisitions such as these will enhance our financial profile and create long-term shareholder value,” Palmer said.

The deal will give Diamond Resorts more than 100 properties worldwide.

“Overall, we view this transaction favorably and see an opportunity for Diamond Resorts to realize benefits from cost synergies and cross-sell potential to Intrawest’s existing points-based owner-families, much like what we expect from its recent acquisition of Gold Key Resorts,” Greff said.

MGM Grand President and Chief Operating Officer Scott Sibella said executives are “discussing redeveloping that entire frontage of the building out to the Las Vegas Strip.” (Todd Prince/Las Vegas Review-Journal)

Boyd Gaming planning new corporate campus

Casino operator Boyd Gaming Corp. has filed plans to build a new corporate campus. The plans call for two 10-story office buildings and a six-level parking garage in the southwest Las Vegas Valley. Boyd Gaming operates The Orleans, the Suncoast, downtown's California Hotel and other properties. The new headquarters would be just a mile from its current main office building.

Bellagio Conservatory transformed to celebrate Year of the Pig

The Bellagio Conservatory Team transformed the 14,000 square foot conservatory to commemorate Chinese New Year, the holiday that marks the end of the coldest days of winter. (Rachel Aston/Las Vegas Review-Journal)

CES 2019: Intro uses sound to connect people

Intro, a startup that is part of the Future Worlds Accelerator in the UK, has an app that uses ultrasonic sound to find people and companies nearby.

What it's like to spend four days working the mammoth tech convention. (Jason Bracelin/Las Vegas Review-Journal)

Haier’s smart home

Haier presented smart home technology at CES 2019.

CES 2019 VIDEO: Foldimate makes laundry day easy

Foldimate has created a machine that will fold your laundry for you. Just feed it anything you need folded and it will do the rest. (Mat Luschek/Las Vegas Review-Journal)

CES 2019: Opte device corrects skin spots

Opte from Proctor and Gamble is a device for correcting spots and freckles from skin. It analyzes the area for spots and then covers them with a serum of matching skin tone. (Mat Luschek/Las Vegas Review-Journal)

Circa hotel-casino in downtown Las Vegas unveiled

Derek Stevens reveals Circa hotel-casino in downtown Las Vegas. He plans open by the end of 2020. (K.M Cannon/Las Vegas Review-Journal)

At CES 2019 in Las Vegas, the Dreenk My Oeno tells you all about wine.

Polaroid One Step Plus camera unveiled at CES 2019

Polaroid has moved into the digital age with its One Step Plus camera with Bluetooth. With the connected app, it turns your smartphone into a remote for the camera, along with filters and features.

Amazon is everywhere at CES 2019 in Las Vegas

Seemingly everything works with Amazon Alexa

LG Smart Mirror helps you dress snazzy

LG’s Smart Mirror is less of a mirror but more of an assistant to help get you looking snazzy. It takes your image and recommends clothes for you or matches existing clothes with new clothes, which can be purchased right from the mirror. (Mat Luschek/Las Vegas Review-Journal)

Underwater robots make waves at CES 2019 in Las Vegas

Robosea is a company dedicated to underwater robotics. They produce consumer robots for underwater filming as well as commercial products which can be used for underwater research. (Mat Luschek/Las Vegas Review-Journal)

CES 2019 - Victrola record players spin in Las Vegas

A new spin on an old favorite, Victrola record players are meeting a demand for retro products. The brand is also making furnitures with built-in speakers.

CES 2019: Slamtec robots ready to serve

Slamtec is a robotics company out of China whose goal is to provide solutions for laser localization mapping and navigation. They have created two autonomous robots that can be used in areas such as bars, restaurants and malls. (Mat Luschek/Las Vegas Review-Journal)

Mixologiq drink maker appears at CES 2019 in Las Vegas.

This is the Mixologiq drink maker.

CES 2019: Veritable smart garden

Let’s face it; not all of us have green thumbs. And herbs are particularly difficult to grow, considering their constant need for sunshine. Enter the Veritable smart garden from Exky, which does it all for you. (Heidi Knapp Rinella/Las Vegas Review-Journal)

Bonnie Springs Ranch near Las Vegas being sold to developer

Bonnie Springs Ranch near Las Vegas is being sold to a developer, set to close in March. Bonnie Springs, west of Las Vegas off State Route 159 — next to Spring Mountain Ranch State Park — spans more than 60 acres and was on the market for $31 million. The developer and his project partner are under contract to buy the ranch and plan to chop it up mostly into custom-home lots. The plans includes a 25-room motel, a restaurant and a 5,400-square-foot event barn.

Day two of CES was dominated by autonomous cars and futuristic aircraft in the North Hall of the Las Vegas Convention Center.

TekNekSavr fights neck problems caused by smart phones

Atiya Syverson invented the TekNekSavr to help fight neck and head problems caused by strains while typing on smart phones. (Mat Luschek/Las Vegas Review-Journal)

New eyeglasses know if you fall and call for help

The French company Abeye has created eye glasses that will detect if the wearer falls and call for help. (Mat Luschek/Las Vegas Review-Journal)

Company that creates vibrator-like device claims genders bias against CES

Lora DiCarlo is a women-run start-up that creates a vibrator-like device designed for female pleasure called the Osé. This year they were awarded the CES Innovation Award in the Robotics and Drone Category, but a month later the Consumer Technology Association, which runs CES, rescinded the award and their booth. Haddock and her team believe it is a reflection of gender bias and sexism in an industry with a long history of male domination.

CES-Wagz has new pet products

Wagz has three new products to help create better lives for your pets in a digital world. One is a collar with LTE tracking and an HD camera. Also a smart pet door that only lets your pet in and out. Lastly, a device to humanely keep Fluffy out of certain areas of your home. (Mat Luschek/Las Vegas Review-Journal)